02 January, 2024
Working Group Update 1/2/2024
02 January, 2024
- FIF Back Office Committee; FINRA T+1 Rule Changes. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. During the call, FIF reviewed the recent rule changes adopted by FINRA to conform to T+1 and the requirement for same-day allocations. The Working Group also discussed how members plan to handle the scenario where a customer does not provide allocations by end-of-day. Please find the agenda here.
- FIF Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. The spotlight presenter was Padma Kadiyala, Finance Professor at the Pace University Lubin School of Business, who discussed and provided a demo of a trading transparency app. Please find the agenda here.
- FIF CAIS Working Group. The CAIS Working Group reviewed the updated CAIS industry member release rollout for 2024. A member of the Working Group reviewed test cases for the updated CAIS Material Inconsistencies process. The Working Group completed its review and discussion of the December 6 FINRA CAT webinar on the new process for Material Inconsistencies. The Working Group discussed the notice from FINRA CAT that the CAIS system will not be available on January 8 for firms to report CAIS-reportable activity that occurred on January 5. FIF submitted a comment to FINRA CAT on this issue.
- FIF CAT Transaction Reporting Working Group. The Working Group reviewed the current status and timeline on CAT billing. The Working Group discussed the appropriate frequency for updating the currency conversion rate used to report prices for trades in foreign currencies to CAT. The Working Group discussed timestamp mismatches when a firm reports using systems that have different timestamp granularity. The Working Group reviewed the November 30 updates to the CAT Technical Specifications. The Working Group discussed reporting of non-executable RFQ responses for various cross-border scenarios.
Eduard Kotlyar